This week all eyes were on the Federal Reserve economic projections and interest rate decision. The FED indicated they would maintain low interest rates until at least 2023. The fresh forecasts showed the FOMC expects GDP to contract by 3.7% which was softer than the 6.5% forecast, and unemployment to reach 7.6% at years end compared to the 9.3% forecast made previously. The upgrade in economic projections provided a surge in the USD throughout early Thursdays trading session.
Gold dropped over 400 points from the top of the pennant formation after teasing a potential breakout to the upside. Gold price action is becoming compressed between a pennant formation. The recent recovery in the US economic data has dampened the bull run in precious metals. Traders will be waiting for a breakout of the pennant formation for an indication on the next big move.
Jamie DuttaAnalyst / Trader
"With extensive experience as a full time trader and financial market commentator, I have worked as a trader in top tier investment banks and trading houses, including Morgan Stanley and GAIN Capital trading Forex, Index derivatives. and Bonds. I combine technical analysis with a deep fundamental knowledge to identify trade set-ups. My real life experience allows me to break down the complexities of financial jargon and trading. This means everyone can better understand the compelling forces of greed and fear which are realised every day in countless ways across markets."
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